Getting a forex license in Belize

The selection of jurisdiction for the registration and obtaining a Forex license comes down to the search for a country with stable economic and political systems, as well as high level of the entrepreneurship support. Belize falls into this category. It could be called one of the most popular economic zones for starting an international business. For those entrepreneurs who need a Forex license, Belize will be the best solution.

This country is perfect for doing investment business. Democratic tax rates allow providing any kind of brokerage services in this jurisdiction. Modern and efficient tax legislation, which is based on the British legal model, can rightly be considered one of the most loyal throughout the world. There is also a specialized regulatory body – the International Financial Services Commission of Belize, issuing licenses and qualitatively governing the provision of services in this field. All this necessarily attracts those business people who are seeking to conduct a legitimate financial activity.

Why Is It Profitable to Do Forex Trading in Belize?

Prior to being licensed by the regulatory body, the first thing you have to do is to register a company. Belize can be attributed to the most reliable and safe offshore jurisdictions. The company registration in this state offers many advantages. The main advantages are as follows:

• no taxation for offshore companies;
• high level of confidentiality;
• fast registration of a business;
• no requirements for the mandatory residence of shareholders and directors;
• the same person can be both a shareholder and a director;
• permit to hold the shareholder/Board of Directors meetings outside Belize;
• no exchange control.

To enjoy all the benefits of Belize as one of the most loyal and profitable jurisdictions, it is necessary to adhere to certain conditions:

• a company is prohibited from doing business with the residents of Belize (natural and legal persons);
• it is prohibited to own real estate in the country;
• it is mandatory to obtain a license issued by the financial regulatory body of Belize to conduct brokerage, insurance, banking and trust activities;
• it is not allowed to provide your own legal address for use of other foreign companies.

Company Registration Procedure in Belize

The legislation provides for a fairly simple and fast procedure for entering a company into the General Registry. In this jurisdiction, the registration stages include:

• collecting necessary package of documents relating to shareholders and directors, as well as directly to a future company;
• accurate selection of a company name, not duplicating the name that already exist in Belize;
• payment of all prescribed fees and taxes when registering;
• entering a company into the General Registry.

The following documents are necessary to complete the procedure:

• company charter;
• articles of association;
• minutes of the first meeting;
• document of appointment of the first director;
• information on shareholders and directors;
• in case of operating nominee shareholders or directors, it is mandatory to submit a power of attorney or declaration of trust.

The company incorporation in Belize takes a minimum of time. The whole procedure lasts up to two weeks.

Licensing of Activities

The legislation provides for the operation of the International Financial Services Commission of Belize (BFSC). The existence of own financial regulatory body significantly promotes the reputation of a Forex company, which was licensed to operate in this state.

BFSC supervises the companies conducting transactions in the following fields:

• brokerage activity;
• securities trading;
• asset management and protection;
• loan extension;
• insurance;
• services under a power of attorney.

BFSC license for doing Forex trading is a package license permitting to perform any brokerage operation while maintain assets of third parties. It may be obtained just for the company that is registered under this jurisdiction. At the same time, the firm obtained this type of permit is subject to strict control and should provide reporting of its operation to the Securities Commission.

BFSC is a controlling financial body recognized throughout the world. A company that is licensed to trade in foreign exchange (Forex license) must adhere to strict requirements as follows:

• to have the charter capital amounting to US$500,000;
• to pay an annual fee in the amount of US$25,000;
• to have a virtual office;
• to avoid operations with residents of Belize (natural or legal persons);
• to have a director represented by a resident of Belize;
• to coordinate all changes of the company’s structure and its activities with the regulatory body;
• to avoid transactions in Belize dollars;
• to submit reports of activities to the regulatory body.

When applying for a Forex license to BFSC, the payment of a fee amounting to 1,000 US dollars. On the average, the granting of a license takes one to three months.

Submission of Documents for Obtaining a Forex License in Belize

BFSC sets strict requirements for the companies seeking to get a Forex license. At that, it is crucial to submit a full package of documents when applying to the controlling financial body for a permit to conduct Forex activities.

The list of documents to be submitted to BFSC includes:

• a correctly executed, signed and notarized application;
• biographical data on directors and shareholders with documentary evidence of information provided;
• notarized copies of passports, proof of country residence and bank statements separately on each shareholder and director;
• a CV of each of shareholders and director
• a business plan.

Advantages of Forex Licensing in Belize

The unique legislation of the country offers various advantages to companies obtaining a license for conducting financial activities that is issued by the official financial regulator. The Forex licensing in this jurisdiction is beneficial due to the following reasons:

• short time limit for issuance of a license by comparison with other countries (up to 3 months);
• Forex licensing practice;
• lack of strict control over the companies authorized to conduct brokerage operations;
• a comprehensible list of documents to be submitted to the regulatory body;
• fixed amount of the company’s charter capital.

Fast Forex Business Registration and Licensing in Belize with the assistance of Prifinance

In any jurisdiction, the existence of a financial regulatory body makes the licensing process more complex and lengthy. Belize is not an exception, because the BFSC sets a number of requirements that can be met and considered only by a professional. Prifinance has considerable experience in successful company registration and Forex license obtaining. In this jurisdiction we provide services as follows:

• collecting a full package of documents necessary for the company registration and licensing;
• company establishment and registration;
• opening a bank account;
• submission and following of an application and documents for licensing by IFSC;
• due payment of all charges and fees required;
• business plan development.